Canadians trying to pay off debt: poll

TORONTO -- The majority of Canadians are in debt, but nearly half of them are trying to pay off their dues ahead of schedule, according to a survey conducted for a major bank.

The phone survey, commissioned by CIBC, found 72 per cent of respondents said they held some form of debt, such as a mortgage, student loan or credit card.

However, about 49 per cent of those who responded to the survey said they've made an extra lump-sum payment in the last year to try to reduce what they owe.

"Debt management is top of mind for Canadians, and these poll results show that many Canadians are taking steps towards reducing their debt," said Christina Kramer, CIBC executive vice-president of retail distribution.

The bank said the results show Canadians are focused on reducing what they owe amid warnings about rising household debt.

The Bank of Canada and some economists have warned Canadians are piling on too much debt while interest rates are low and some may no longer be able to afford their homes when interest rates rise.

The phone survey was conducted by Harris-Decima from a poll of 2,003 Canadians between March 22 and April 2.

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